Tips to save you money on your Car Insurance Renewal

How to get the best deal on your car insurance renewal

Recently, the news has been full of scare stories about how car insurance costs are expected to skyrocket. In fact, they’re already on the rise, with the AA reporting a massive 40% increase in car insurance premiums over the past year. However, if your renewal date is coming up there are a few things you can do to minimise the impact of these rises:

– As prices are already rising, start to get quotes early so you can lock in the deals before they vanish. Many insurers will guarantee a quote for 30 or even 60 days.

– Consider comprehensive insurance. This may sound a bit odd to those of use who expect to save money by switching to the minimum third party cover, but bizarrely fully comp often works out cheaper for vehicles worth at least £1,000.

– Don’t pay monthly. If you can afford to pay for a whole year upfront, this could be significantly cheaper than monthly installments, which often carry hefty interest charges of up to 40%. If you can’t afford it, you might still be better off paying on your credit card.

– Check your job description. Believe it or not, small changes to your job title can alter your insurance costs. You have to be honest, of course, but many people can legitimately choose between a few options and see which works out cheapest.

– Add a second driver. If there’s someone else using the car who is considered a lower risk, try adding them to your cover. This can reduce the cost, particularly if they have an unblemished driving record.